Missouri lawmakers have agreed on funding increases for public schools, colleges and universities for the upcoming year.

Public schools would get a $115 million increase on top of their current $3.1 billion in basic funding. But if revenues met Gov. Jay Nixon’s more optimistic projections, schools could get up to a $278 million increase.

Missouri’s higher education institutions would get a $43 million increase to be distributed based on whether they have met performance goals. That would amount to an average of a 5 percent increase.

The chairmen of the House and Senate budget committees announced the funding levels Tuesday at the start of a conference committee to resolve differences in the two chambers’ budgets. There were no public negotiations among lawmakers.